Reader Doug pointed us to the Washington State Liquor Control Board’s online auction of its stores, which kicked-off on Thursday and runs through April 20. The Wallingford location (LCB Store #113) currently has four bids, with the highest offer, so far, standing at $2,025.00 — a steal considering the current inventory alone is valued at $154k.
Any interested party can bid, and the winning bidder will receive the following:
- the exclusive right to apply for a spirit retail license at the location of the existing state liquor store in its current footprint.
- the ability to sell spirits, if licensed to do so, at a retail location less than 10,000 ft2. (Note: this is otherwise not allowed by law except for specific and limited exceptions)
- the right to sell spirits, if licensed to do so, at this location which is not subject to challenge by local jurisdictional authorities.
- the remaining store fixtures such as shelving and gondolas.
Once the winning bidder plunks down a 6% buyers premium (on top of the auction sale price) the winner has the following options:
- In the event the winning bidder is unable to reach agreement with the landlord, they may request the relocation of the right to another address within one (1) radius mile of the state store location. The new location would be subject to jurisdictional comment.
- Purchase all remaining inventory in the store as of the close of business on May 31, 2012 at a special discounted price of cost less $7.97 per case. Bidder would be required to obtain a spirit retail license in order to purchase the inventory.
- Engage the landlord and pursue a lease for occupancy of the location associated with the right.
- Sell or transfer the right to another individual.
- Do nothing.
Back in November, we had a healthy, neighborly discussion on what should fill the space on N. 45th once the liquor store closes on May 31. It’ll be interesting to see what happens once the auction has ended.
Cheers, Doug, for sending us the tip!
“with the highest offer, so far, standing at $2,025.00 — a steal considering the current inventory alone is valued at $154k.”
Well, yeah, but the inventory isn’t included. You have to shell out the money for the inventory.
Yeah, you can pay for the inventory for $8 a case off regular wholesale. Not bad for starting a business. Do you have to buy all of it, or an you pick what you want?
Plus you get the fixtures. What is a gondola, in this context?
It would be nice if the high bidder were someone interested in running a good, high-end liquor store. Like Bottleworks for the hard stuff.
No, not bad. But still not the steal that the $2k suggests, since you’re adding some $120k to the price.
And I’m pretending that ‘gondola’ means an actual gondola. (It’s one of these https://www.google.com/search?q=retail+gondola)
I can’t figure out if you have to buy *all* of it or not. It sounds like you do, but that’s my interpretation.
well, is this the place across from the defunct donut place?
we could use.. homeless shelter, nail salon, haircutting place, a real library with books and tables and meeting rooms, a senior center, another skyscraper multi-purpose development with no parking because there is enough in the neighborhood, a ski shop, a site for day care, a womens clothing center, a gym with a pool.
I like the high end liquor store – but not necessarily at this exact location, so the nail salon option might still be out there for this building.
A nail salon? I know we are joking here…I have been teaching young children for over 20 years, I have my Masters in Education and I have business sense. If anyone wants to put up the money I will dedicate my time and energy into creating an amazing school, tutoring center, quality teacher training center or one of my many other ideas. I am commited, passionate and genuine.